Douglas uncovers the underlying reasons for lack of consistency and helps traders overcome the ingrained mental habits that cost them money. He takes on the myths of the market and exposes them one by one teaching traders to look beyond random outcomes, to understand the true realities of risk, and to be comfortable with the "probabilities" of market movement that governs all market speculation.

Product description

Synopsis

Picking up where "The Disciplined Trader" left off, this book bridges the gap between thinking the market is actually doing something and actually making the trade. It is designed to give readers the insight and understanding they need about themselves and the nature of trading that will earn them constant success.

About the Author

Mark Douglas is also author of "The Disciplined Trader(TM) Developing Winning Attitudes" published in 1990 and considered an industry classic--and one of the first books to introduce the investment industry to the concept of trading psychology. Mark began coaching traders in 1982, and has continued to develop seminar and training programs on trading psychology for the investment industry, as well as individual traders. He has been a frequent speaker at seminars across the world, as well as in the U.S., teaching traders how to become consistently successful. He is currently working on his third book, and can be reached through his website markdouglas.com.

Top customer reviews

There was a problem filtering reviews right now. Please try again later.

I rarely write reviews but I was so impressed with this book that I thought it deserved another 5 stars. This book has completely filled the gap between my knowledge and being able to put it into practice. This gap has existed for some time having been trading for about 6 years, but this was exactly what I needed. I have read 15 or so trading books, some of which were specifically about trading psychology. They were great at explaining why we had certain emotions and how they were detrimental, advising don't be fearful, don't be greedy, stick to your plan, but I was left wondering how exactly do you not be fearful and not greedy, and how do you stick to the plan when your mind is screaming at you to do the opposite? Well, this book showed me exactly how.

I had several light bulb moments when reading it, e.g. having to completely accept that once you've put on a trade, anything can happen. I guess I knew this subconsciously but never really believed it. I always expected the trade to go my way, otherwise why would I put it on in the first place? Then I'd get disappointed if my stop loss was hit and thought it meant my strategy was wrong, and then being left confused as to what I should do the next time. This book explains how to view the market differently to neutralise those emotions that interfere with your decision making - being worried about missing out or losing, causing you to jump in/out of a trade too early/late. It explains that you cannot know what happens after you get into a trade and shouldn't want to because it is completely out of your control, but that if you have a decent strategy, the probability is that you will win more times than you will lose as long as you apply it consistently. All sounds like common sense but without reading this book, I would never have mastered the emotional side well enough to do this. I have only traded twice since finishing the book but I noticed an immediate benefit in my mindset, being able to assess the market and the information it's giving me much more objectively.

Some of the other reviews mention that the book is a bit wordy and repetitive which it is, but I personally feel that I benefited hugely from having the information reinforced in this way. I cannot recommend this book highly enough for anyone struggling to get good results, because the chances are that you have a good strategy, but are just not applying it properly on every trade.

Totally changing my mindset. Basically NO ONE can predict what will happen with certainty,so you have to be ok with that. Make decisions decisively and take full responsibility for all outcomes. The system isnt against you it is basically just a swarming mass of people who dont know whats going on and chasing each other.

I have been trading for about ten years now , and in the last couple of years came to realise that the biggest challenge is not in how to analyse a market, but my own head. As a result I got interested in psychology and it has had an amazing result on my trading (for the better). Of all the books I have read on the subject, Trading in the zone and the disciplined trader are about the bext I have come across. A very much recomended read for any trader or investor.

This is the Bible for all who wish to get on in Financial Trading of any kind. This book will re-wire your brain and mind for success, if followed carefully and it's principles worked. It requires several readings. You can't just read this and become a millionaire. This is not a book of tips. It is a recipe for a total paradigm shift.

there was a right time in my trading journey to read this book. It was after the euphoria of the initial course had worn off, after I had started to think that Trading was actually difficult, and right around the time the feelings started to set in that it was emotionally stressful and painful to lose. This was just the right book to read at that point. The analogy to a Casino operator really struck home - the casino has a small edge that enables it to make consistent returns over the long term, it doesn't fret and sweat about every hand on every table. For me this has meant I stopped trying to go for the big hit on every trade, it meant I stopped feeling like a loser because I had losing trades, it really is just part of the business. I credit this book with helping me being able to accept my losing trades without upsetting my day.